NBRA welcomes FCA'S inquiry into rising insurance costs

NBRA 23/04/2018

The National Body Repair Association (NBRA) is pleased to see that the Financial Conduct Authority (FCA) has committed to carrying out an inquiry into rising insurance costs and keeping volume discounts from their repairers.

The FCA’s recently published business plan for 2018/19, outlines their plans to carry out diagnostic work to assess how far brokers and motor insurers are inflating claims through referrals to CMCs and keeping volume discounts from their own repairers. This will give the FCA an understanding of the issues CMCs will need to address when they take over their regulation.

Chris Weeks, NBRA Director comments, “The NBRA has been in contact with the FCA and is looking forward to contributing towards their inquiry to ensure our members concerns are heard.

“We are actively working on the issue and will continue to engage with various government bodies on the matter.

“The FCA has acknowledged our interest in this matter and will contact us for support into this inquiry once it commences towards the end of this year.”

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About the RMI

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.